## New Found Gold Takes a Big Step Forward with Maiden Resource Estimate and PEA for Queensway Project
Vancouver, BC – November 6, 2024 – New Found Gold Corp. (NFG: NYSE-A) is thrilled to announce the initiation of work towards a maiden resource estimate and preliminary economic assessment (PEA) for its expansive Queensway Project. Located just 15km west of Gander, Newfoundland and Labrador, this project spans a remarkable 1,756 km² and boasts convenient access via the Trans-Canada Highway.
The Company has entrusted SLR Consulting (SLR) with the responsibility of delivering both the resource estimate and PEA, with a projected completion date in the second quarter of 2025. This engagement signifies a major milestone for the Queensway Project, as it marks the first comprehensive assessment of its mineral inventory and economic viability. The PEA will provide a detailed analysis of cash flows, net present value (NPV), internal rate of return (IRR), and payback period, offering valuable insights into the project’s financial potential.
SLR, including its renowned Mining Advisory Group (formerly Roscoe Postle Associates Inc.), stands as a leader in mineral resource estimation and mining project advisory. Their extensive experience in assessing gold-mineralized systems, coupled with recent involvement in projects on the island of Newfoundland, including delivering resource estimates, mining studies, and National Instrument 43-101 technical reports, makes them ideally suited for this task. Their services encompass a wide range of disciplines including geological, mining, metallurgical, tailings, and environmental consulting.
The primary objectives of the resource estimate and PEA are to identify potential project development scenarios and to clearly demonstrate the financial potential of the Queensway Project. Furthermore, the PEA will define specific work programs that will enable New Found Gold to advance the project towards realization.
Ron Hampton, Chief Development Officer of New Found, expressed his enthusiasm, stating, “We are excited to initiate this study work that will be invaluable in defining our strategic development pathway. We believe the resource estimate and PEA are crucial steps in understanding the value potential of the Project and will provide the Company with a clear roadmap to continue advancing Queensway.”
Qualified Person
The scientific and technical information presented in this press release has been reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, who acts as a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated November 6, 2024, by New Found.
About New Found Gold Corp.
New Found Gold Corp. proudly holds a 100% interest in the strategically positioned Queensway Project. Situated just 15km west of Gander, Newfoundland and Labrador, and a mere 18km from Gander International Airport, this project enjoys exceptional access. The Trans-Canada Highway intersects the project, with logging roads crosscutting the area, high voltage electric power lines running through it, and easy access to a highly skilled workforce.
New Found is currently engaged in a substantial 650,000m drill program at Queensway and is well-funded for this program, with cash and marketable securities totaling approximately $35 million as of November 2024.
For further information about New Found Gold Corp., please visit the Company’s website at www.newfoundgold.ca and their SEDAR+ profile at www.sedarplus.ca.
Contact
To reach out to the Company, please visit their website at www.newfoundgold.ca and submit your inquiry through their investor inquiry form. New Found management is committed to responding to all investor inquiries within 24 hours.
New Found Gold Corp.
Per:
“Collin Kettell”
Collin Kettell, Chief Executive Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486
